By Mr. B
HSBC is currently offering a $75 sign-up bonus for their interest checking account if you open this account by 31 July 2007. Here are the details:
- HSBC Interest Checking Account
- 0.05% Interest Rate (read: terrible)
- Must open with $3000 of “new” money
- Bonus will be credited 6 to 8 weeks after the account opening
HSBC has run this promotion before, and I opened an account during their previous offer. If it is the same as before (and I assume that it is), then the $3000 can be moved immediately to their Direct Savings account, which is currently earning 5.05% interest. In order to avoid fees, you must have $3000 in total with HSBC (between checking, money market, and savings).
I opened my checking account last April, and I currently only have $8 in my checking account, though I have just over $3000 in my savings account. I have not been charged ANY fees, and it should stay that way.
(Nota Bene: if you do not feel like sending $3000 to HSBC, they are also offering a $25 sign-up bonus for their “free” checking account, which does not earn any interest, but does not require such a large initial deposit.)
To be clear, HSBC requires $3000 total between all accounts to avoid monthly fees, though they also mention that having direct deposit on the checking account will avoid monthly fees. When I opened my account in the previous offer, I only sent them a few dollars because I already had a savings account with over $3000. I would hope that it is possible to do the same, but be careful. The fine print at the bottom of the page mentions:
To qualify for $75 offer, you must open an Interest Checking account with an initial deposit of $3,000 of new money. New money means funds not previously held by any member of the HSBC Group.
My translation: Even if you have a current savings account with HSBC, you MUST have $3000 of additional money to qualify for the $75 bonus.
I may be wrong, but better safe than sorry.
In case you need it, here is a screenshot of the original offer.
Recent Comments